{smcl}
{com}{sf}{ul off}{txt}{.-}
      name:  {res}<unnamed>
       {txt}log:  {res}E:\Old papers\short union paper\FM RR1\FM data archive code and tables\Table 7 Panel A log file.smcl
  {txt}log type:  {res}smcl
 {txt}opened on:  {res}17 Feb 2025, 15:26:13

{com}. do "C:\Users\akprevos\AppData\Local\Temp\STD45bc_000000.tmp"
{txt}
{com}. clear
{txt}
{com}. clear mata
{txt}
{com}. clear matrix
{txt}
{com}. set maxvar 10000

{txt}
{com}. use  "E:\Old papers\short union paper\FM RR1\stackedforrevision_finished.dta"
{txt}
{com}. drop if fyear < 2006
{txt}(17,327 observations deleted)

{com}. recast int fyear sic2 sic1
{txt}
{com}. drop if noconsult==.
{txt}(12,511 observations deleted)

{com}. drop if vmem==. | ltdc1==. | lcashcomp==. | lequity==. | lstockawards==. | loptionawards==. | lvega==.   
{txt}(2,088 observations deleted)

{com}. set seed 10101
{txt}
{com}. gen ranorder=runiform()
{txt}
{com}. sort ranorder
{txt}
{com}. calipmatch, casevar(noconsult) generate(pairid) maxmatches(1) ///
>    exactmatch(fyear sic2) calipermatch(logat mtbrW netppeW firmriskW roaW mraw_window_1W lfirmage lage ltenure ceochair lbsize perind perind69 perindbusy) caliperwidth(1 1 1 1 1 1 1 1 1 1 1 1 1 1)
{res}51.1% match rate.
293 out of 573 cases matched.

Successful matches for each case
--------------------------------
0 matched control obs: 280 (48.9%)
1 matched control obs: 293 (51.1%)
{txt}
{com}. /* test differences in means/medians for treated vs. matched firms */
. drop if pairid==.
{txt}(10,101 observations deleted)

{com}. 
{txt}end of do-file

{com}. do "C:\Users\akprevos\AppData\Local\Temp\STD45bc_000000.tmp"
{txt}
{com}. ttest vmem, by(noconsult)

{txt}Two-sample t test with equal variances
{hline 9}{c TT}{hline 68}
   Group{col 10}{c |}{col 16}Obs{col 27}Mean{col 35}Std. err.{col 47}Std. dev.{col 59}[95% conf. interval]
{hline 9}{c +}{hline 68}
       0 {c |}{res}{col 12}    293{col 22} .0498274{col 34} .0030788{col 46} .0527014{col 58} .0437679{col 70}  .055887
       {txt}1 {c |}{res}{col 12}    293{col 22} .0514618{col 34} .0027449{col 46} .0469849{col 58} .0460595{col 70}  .056864
{txt}{hline 9}{c +}{hline 68}
Combined {c |}{res}{col 12}    586{col 22} .0506446{col 34} .0020609{col 46} .0498891{col 58} .0465969{col 70} .0546923
{txt}{hline 9}{c +}{hline 68}
    diff {c |}{res}{col 22}-.0016343{col 34} .0041248{col 58}-.0097355{col 70} .0064669
{txt}{hline 9}{c BT}{hline 68}
    diff = mean({res}0{txt}) - mean({res}1{txt})                                      t = {res} -0.3962
{txt}H0: diff = 0                                     Degrees of freedom = {res}     584

    {txt}Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = {res}0.3460         {txt}Pr(|T| > |t|) = {res}0.6921          {txt}Pr(T > t) = {res}0.6540
{txt}
{com}. ttest lcashcomp, by(noconsult)

{txt}Two-sample t test with equal variances
{hline 9}{c TT}{hline 68}
   Group{col 10}{c |}{col 16}Obs{col 27}Mean{col 35}Std. err.{col 47}Std. dev.{col 59}[95% conf. interval]
{hline 9}{c +}{hline 68}
       0 {c |}{res}{col 12}    293{col 22} 6.734424{col 34} .0485199{col 46} .8305277{col 58} 6.638931{col 70} 6.829917
       {txt}1 {c |}{res}{col 12}    293{col 22} 6.537301{col 34} .0762631{col 46} 1.305414{col 58} 6.387205{col 70} 6.687396
{txt}{hline 9}{c +}{hline 68}
Combined {c |}{res}{col 12}    586{col 22} 6.635862{col 34} .0453396{col 46} 1.097555{col 58} 6.546814{col 70}  6.72491
{txt}{hline 9}{c +}{hline 68}
    diff {c |}{res}{col 22} .1971235{col 34} .0903894{col 58} .0195955{col 70} .3746514
{txt}{hline 9}{c BT}{hline 68}
    diff = mean({res}0{txt}) - mean({res}1{txt})                                      t = {res}  2.1808
{txt}H0: diff = 0                                     Degrees of freedom = {res}     584

    {txt}Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = {res}0.9852         {txt}Pr(|T| > |t|) = {res}0.0296          {txt}Pr(T > t) = {res}0.0148
{txt}
{com}. ttest lequity, by(noconsult)

{txt}Two-sample t test with equal variances
{hline 9}{c TT}{hline 68}
   Group{col 10}{c |}{col 16}Obs{col 27}Mean{col 35}Std. err.{col 47}Std. dev.{col 59}[95% conf. interval]
{hline 9}{c +}{hline 68}
       0 {c |}{res}{col 12}    293{col 22} 8.224431{col 34} .0733934{col 46} 1.256292{col 58} 8.079984{col 70} 8.368878
       {txt}1 {c |}{res}{col 12}    293{col 22} 7.546531{col 34} .0959924{col 46} 1.643125{col 58} 7.357607{col 70} 7.735456
{txt}{hline 9}{c +}{hline 68}
Combined {c |}{res}{col 12}    586{col 22} 7.885481{col 34} .0619712{col 46} 1.500164{col 58} 7.763768{col 70} 8.007194
{txt}{hline 9}{c +}{hline 68}
    diff {c |}{res}{col 22} .6778994{col 34} .1208351{col 58} .4405751{col 70} .9152237
{txt}{hline 9}{c BT}{hline 68}
    diff = mean({res}0{txt}) - mean({res}1{txt})                                      t = {res}  5.6101
{txt}H0: diff = 0                                     Degrees of freedom = {res}     584

    {txt}Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = {res}1.0000         {txt}Pr(|T| > |t|) = {res}0.0000          {txt}Pr(T > t) = {res}0.0000
{txt}
{com}. ttest lstockawards, by(noconsult)

{txt}Two-sample t test with equal variances
{hline 9}{c TT}{hline 68}
   Group{col 10}{c |}{col 16}Obs{col 27}Mean{col 35}Std. err.{col 47}Std. dev.{col 59}[95% conf. interval]
{hline 9}{c +}{hline 68}
       0 {c |}{res}{col 12}    293{col 22} 5.774388{col 34} .2107319{col 46}  3.60715{col 58} 5.359642{col 70} 6.189134
       {txt}1 {c |}{res}{col 12}    293{col 22} 4.070705{col 34} .2209658{col 46} 3.782325{col 58} 3.635817{col 70} 4.505592
{txt}{hline 9}{c +}{hline 68}
Combined {c |}{res}{col 12}    586{col 22} 4.922546{col 34} .1565536{col 46}  3.78976{col 58} 4.615071{col 70} 5.230022
{txt}{hline 9}{c +}{hline 68}
    diff {c |}{res}{col 22} 1.703683{col 34} .3053422{col 58} 1.103981{col 70} 2.303386
{txt}{hline 9}{c BT}{hline 68}
    diff = mean({res}0{txt}) - mean({res}1{txt})                                      t = {res}  5.5796
{txt}H0: diff = 0                                     Degrees of freedom = {res}     584

    {txt}Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = {res}1.0000         {txt}Pr(|T| > |t|) = {res}0.0000          {txt}Pr(T > t) = {res}0.0000
{txt}
{com}. ttest loptionawards, by(noconsult)

{txt}Two-sample t test with equal variances
{hline 9}{c TT}{hline 68}
   Group{col 10}{c |}{col 16}Obs{col 27}Mean{col 35}Std. err.{col 47}Std. dev.{col 59}[95% conf. interval]
{hline 9}{c +}{hline 68}
       0 {c |}{res}{col 12}    293{col 22} 3.826088{col 34} .2200846{col 46} 3.767241{col 58} 3.392935{col 70} 4.259241
       {txt}1 {c |}{res}{col 12}    293{col 22} 3.345588{col 34} .2150031{col 46} 3.680261{col 58} 2.922436{col 70}  3.76874
{txt}{hline 9}{c +}{hline 68}
Combined {c |}{res}{col 12}    586{col 22} 3.585838{col 34} .1540263{col 46} 3.728582{col 58} 3.283326{col 70}  3.88835
{txt}{hline 9}{c +}{hline 68}
    diff {c |}{res}{col 22} .4805002{col 34} .3076744{col 58}-.1237829{col 70} 1.084783
{txt}{hline 9}{c BT}{hline 68}
    diff = mean({res}0{txt}) - mean({res}1{txt})                                      t = {res}  1.5617
{txt}H0: diff = 0                                     Degrees of freedom = {res}     584

    {txt}Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = {res}0.9406         {txt}Pr(|T| > |t|) = {res}0.1189          {txt}Pr(T > t) = {res}0.0594
{txt}
{com}. ttest lvega, by(noconsult)

{txt}Two-sample t test with equal variances
{hline 9}{c TT}{hline 68}
   Group{col 10}{c |}{col 16}Obs{col 27}Mean{col 35}Std. err.{col 47}Std. dev.{col 59}[95% conf. interval]
{hline 9}{c +}{hline 68}
       0 {c |}{res}{col 12}    293{col 22}  3.85498{col 34} .1226033{col 46}  2.09863{col 58} 3.613682{col 70} 4.096278
       {txt}1 {c |}{res}{col 12}    293{col 22} 3.636989{col 34} .1291852{col 46} 2.211294{col 58} 3.382737{col 70} 3.891241
{txt}{hline 9}{c +}{hline 68}
Combined {c |}{res}{col 12}    586{col 22} 3.745984{col 34}  .089089{col 46} 2.156615{col 58} 3.571011{col 70} 3.920958
{txt}{hline 9}{c +}{hline 68}
    diff {c |}{res}{col 22} .2179907{col 34} .1781021{col 58} -.131808{col 70} .5677894
{txt}{hline 9}{c BT}{hline 68}
    diff = mean({res}0{txt}) - mean({res}1{txt})                                      t = {res}  1.2240
{txt}H0: diff = 0                                     Degrees of freedom = {res}     584

    {txt}Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = {res}0.8893         {txt}Pr(|T| > |t|) = {res}0.2215          {txt}Pr(T > t) = {res}0.1107
{txt}
{com}. 
. kwallis vmem, by(noconsult)

{txt}Kruskal–Wallis equality-of-populations rank test

  {c TLC}{hline 10}{c TT}{hline 5}{c TT}{hline 10}{c TRC}
  {c |} {res}nocons~t {txt}{c |} {res}Obs {txt}{c |} {res}Rank sum {txt}{c |}
  {c LT}{hline 10}{c +}{hline 5}{c +}{hline 10}{c RT}
  {c |} {res}       0 {txt}{c |} {res}293 {txt}{c |} {res}84126.50 {txt}{c |}
  {c |} {res}       1 {txt}{c |} {res}293 {txt}{c |} {res}87864.50 {txt}{c |}
  {c BLC}{hline 10}{c BT}{hline 5}{c BT}{hline 10}{c BRC}

  chi2(1) = {res}{ralign 6:0.832}
{txt}{ralign 9:Prob} = {res}{ralign 6:0.3617}

{txt}  chi2(1) with ties = {res}{ralign 6:0.832}
{txt}{ralign 19:Prob} = {res}{ralign 6:0.3616}
{txt}
{com}. kwallis lcashcomp, by(noconsult)

{txt}Kruskal–Wallis equality-of-populations rank test

  {c TLC}{hline 10}{c TT}{hline 5}{c TT}{hline 10}{c TRC}
  {c |} {res}nocons~t {txt}{c |} {res}Obs {txt}{c |} {res}Rank sum {txt}{c |}
  {c LT}{hline 10}{c +}{hline 5}{c +}{hline 10}{c RT}
  {c |} {res}       0 {txt}{c |} {res}293 {txt}{c |} {res}92435.50 {txt}{c |}
  {c |} {res}       1 {txt}{c |} {res}293 {txt}{c |} {res}79555.50 {txt}{c |}
  {c BLC}{hline 10}{c BT}{hline 5}{c BT}{hline 10}{c BRC}

  chi2(1) = {res}{ralign 6:9.876}
{txt}{ralign 9:Prob} = {res}{ralign 6:0.0017}

{txt}  chi2(1) with ties = {res}{ralign 6:9.878}
{txt}{ralign 19:Prob} = {res}{ralign 6:0.0017}
{txt}
{com}. kwallis lequity, by(noconsult)

{txt}Kruskal–Wallis equality-of-populations rank test

  {c TLC}{hline 10}{c TT}{hline 5}{c TT}{hline 10}{c TRC}
  {c |} {res}nocons~t {txt}{c |} {res}Obs {txt}{c |} {res}Rank sum {txt}{c |}
  {c LT}{hline 10}{c +}{hline 5}{c +}{hline 10}{c RT}
  {c |} {res}       0 {txt}{c |} {res}293 {txt}{c |} {res}98613.00 {txt}{c |}
  {c |} {res}       1 {txt}{c |} {res}293 {txt}{c |} {res}73378.00 {txt}{c |}
  {c BLC}{hline 10}{c BT}{hline 5}{c BT}{hline 10}{c BRC}

  chi2(1) = {res}{ralign 6:37.910}
{txt}{ralign 9:Prob} = {res}{ralign 6:0.0001}

{txt}  chi2(1) with ties = {res}{ralign 6:37.910}
{txt}{ralign 19:Prob} = {res}{ralign 6:0.0001}
{txt}
{com}. kwallis lstockawards, by(noconsult)

{txt}Kruskal–Wallis equality-of-populations rank test

  {c TLC}{hline 10}{c TT}{hline 5}{c TT}{hline 10}{c TRC}
  {c |} {res}nocons~t {txt}{c |} {res}Obs {txt}{c |} {res}Rank sum {txt}{c |}
  {c LT}{hline 10}{c +}{hline 5}{c +}{hline 10}{c RT}
  {c |} {res}       0 {txt}{c |} {res}293 {txt}{c |} {res}97789.00 {txt}{c |}
  {c |} {res}       1 {txt}{c |} {res}293 {txt}{c |} {res}74202.00 {txt}{c |}
  {c BLC}{hline 10}{c BT}{hline 5}{c BT}{hline 10}{c BRC}

  chi2(1) = {res}{ralign 6:33.120}
{txt}{ralign 9:Prob} = {res}{ralign 6:0.0001}

{txt}  chi2(1) with ties = {res}{ralign 6:34.671}
{txt}{ralign 19:Prob} = {res}{ralign 6:0.0001}
{txt}
{com}. kwallis loptionawards, by(noconsult)

{txt}Kruskal–Wallis equality-of-populations rank test

  {c TLC}{hline 10}{c TT}{hline 5}{c TT}{hline 10}{c TRC}
  {c |} {res}nocons~t {txt}{c |} {res}Obs {txt}{c |} {res}Rank sum {txt}{c |}
  {c LT}{hline 10}{c +}{hline 5}{c +}{hline 10}{c RT}
  {c |} {res}       0 {txt}{c |} {res}293 {txt}{c |} {res}89568.50 {txt}{c |}
  {c |} {res}       1 {txt}{c |} {res}293 {txt}{c |} {res}82422.50 {txt}{c |}
  {c BLC}{hline 10}{c BT}{hline 5}{c BT}{hline 10}{c BRC}

  chi2(1) = {res}{ralign 6:3.040}
{txt}{ralign 9:Prob} = {res}{ralign 6:0.0812}

{txt}  chi2(1) with ties = {res}{ralign 6:3.506}
{txt}{ralign 19:Prob} = {res}{ralign 6:0.0612}
{txt}
{com}. kwallis lvega, by(noconsult)

{txt}Kruskal–Wallis equality-of-populations rank test

  {c TLC}{hline 10}{c TT}{hline 5}{c TT}{hline 10}{c TRC}
  {c |} {res}nocons~t {txt}{c |} {res}Obs {txt}{c |} {res}Rank sum {txt}{c |}
  {c LT}{hline 10}{c +}{hline 5}{c +}{hline 10}{c RT}
  {c |} {res}       0 {txt}{c |} {res}293 {txt}{c |} {res}87902.50 {txt}{c |}
  {c |} {res}       1 {txt}{c |} {res}293 {txt}{c |} {res}84088.50 {txt}{c |}
  {c BLC}{hline 10}{c BT}{hline 5}{c BT}{hline 10}{c BRC}

  chi2(1) = {res}{ralign 6:0.866}
{txt}{ralign 9:Prob} = {res}{ralign 6:0.3521}

{txt}  chi2(1) with ties = {res}{ralign 6:0.871}
{txt}{ralign 19:Prob} = {res}{ralign 6:0.3508}
{txt}
{com}. 
{txt}end of do-file

{com}. log close
      {txt}name:  {res}<unnamed>
       {txt}log:  {res}E:\Old papers\short union paper\FM RR1\FM data archive code and tables\Table 7 Panel A log file.smcl
  {txt}log type:  {res}smcl
 {txt}closed on:  {res}17 Feb 2025, 15:26:46
{txt}{.-}
{smcl}
{txt}{sf}{ul off}